Norden Group LLC purchased a new stake in shares of Best Buy Co., Inc. (NYSE:BBY – Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 21,000 shares of the technology retailer, valued at about $1,723,000.
A number of other hedge funds have also recently bought and sold shares of BBY. AMF Tjanstepension AB purchased a new position in shares of Best Buy during the 1st quarter worth approximately $8,676,000. Bridgewater Associates LP increased its holdings in shares of Best Buy by 34.9% during the 4th quarter. Bridgewater Associates LP now owns 195,156 shares of the technology retailer’s stock worth $15,277,000 after acquiring an additional 50,438 shares during the period. Cerity Partners LLC increased its holdings in shares of Best Buy by 8.4% during the 4th quarter. Cerity Partners LLC now owns 103,459 shares of the technology retailer’s stock worth $8,100,000 after acquiring an additional 8,042 shares during the period. Kingswood Wealth Advisors LLC purchased a new position in shares of Best Buy during the 4th quarter worth approximately $317,000. Finally, Private Advisor Group LLC purchased a new position in shares of Best Buy during the 4th quarter worth approximately $328,000. Hedge funds and other institutional investors own 80.96% of the company’s shares.
Best Buy Stock Performance
BBY shares opened at $82.45 on Friday. The stock has a market cap of $17.79 billion, a PE ratio of 14.44, a price-to-earnings growth ratio of 2.65 and a beta of 1.48. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $93.72. The company has a current ratio of 1.01, a quick ratio of 0.33 and a debt-to-equity ratio of 0.37. The stock’s 50-day simple moving average is $80.47 and its 200-day simple moving average is $77.93.
Best Buy (NYSE:BBY – Get Free Report) last released its quarterly earnings results on Thursday, May 30. The technology retailer reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.12. The company had revenue of $8.85 billion for the quarter, compared to analysts’ expectations of $8.96 billion. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The company’s quarterly revenue was down 6.5% year-over-year. During the same period last year, the company posted $1.15 EPS. As a group, research analysts predict that Best Buy Co., Inc. will post 6.11 EPS for the current fiscal year.
Best Buy Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Thursday, June 20th will receive a dividend of $0.94 per share. The ex-dividend date is Thursday, June 20th. This represents an annualized dividend of $3.76 and a dividend yield of 4.56%. Best Buy’s payout ratio is 65.85%.
Changes in analyst ratings
BBY has been the subject of a number of research analyst reports. Wedbush reiterated a “neutral” rating and set a $85.00 price target on shares of Best Buy in a report on Tuesday, May 28th. Citigroup upgraded Best Buy from a “sell” rating to a “buy” rating and raised their price target on the stock from $67.00 to $100.00 in a report on Monday, June 3rd. UBS Group upgraded Best Buy from a “neutral” rating to a “buy” rating and raised their price target on the stock from $85.00 to $106.00 in a research report on Monday, June 17th. Evercore ISI increased their price target on Best Buy from $80.00 to $90.00 and gave the stock an “in-line” rating in a research report on Friday, May 31st. Finally, Loop Capital raised their price target on Best Buy from $93.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, June 7th. Seven investment analysts have rated the stock with a hold rating and nine have rated it with a buy rating. The company currently has a consensus rating of “Moderate Buy” and a consensus price target of $90.87, according to data from MarketBeat.
Check out our latest research report on Best Buy
Insider activity
In other news, Chairman Richard M. Schulze sold 1,000,000 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $85.85, for a total transaction of $85,850,000.00. Following the transaction, the Chairman now directly owns 15,890,103 shares of the company’s stock, valued at approximately $1,364,165,342.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, available at this link . In other news, CEO Corie S. Barry sold 366 shares of the company’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total transaction of $27,728.16. Following the transaction, the Chief Executive Officer now directly owns 431,231 shares of the company’s stock, valued at approximately $32,670,060.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, available at this link . Also, Chairman Richard M. Schulze sold 1,000,000 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $85.85, for a total value of $85,850,000.00. Following the transaction, the Chairman now directly owns 15,890,103 shares of the company’s stock, valued at $1,364,165,342.55. The disclosure for this sale can be found here . Insiders have sold 2,004,149 shares of the company’s stock in the last ninety days, valued at $166,397,807. Currently, 0.59% of the shares are held by company insiders.
About Best Buy
(Free Report)
Best Buy Co., Inc. is engaged in the retail sale of technology products in the United States, Canada, and internationally. The stores offer computer and mobile phone products, such as desktops, notebook computers, and peripherals; mobile phones with related carrier commissions; networking products; tablets with e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio consisting of headphones and portable speakers, and smart home products, as well as home theater products, including home theater accessories, sound bars, and televisions.
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